Indices scale over three-month HIGHS RIDING ON FINANCIAL STOCKS

Rupee appreciates by 17 paise to close at 76.03 against US dollar

MUMBAI: Benchmarks Sensex and Nifty on Monday settled at over three-month highs led by financial counters despite concerns over the mounting Covid cases in the country and the second wave of infections in some parts of the world.

After rallying 482 points during the day, the 30-share BSE Sensex pared gains to end 179.59 points, or 0.52 per cent, higher at 34,911.32 — its highest closing level since March 11. The NSE Nifty too rose 66.80 points, or 0.65 per cent, to close at 10,311.20 — a level not seen since March 11.

The Intra-day rallies on both indices were attributed to gains mainly in pharma stocks due to domestic regulatory approvals to manufacture COVID19 drugs. The risk appetite of investors also improved with the resumption of talks between the Indian and Chinese armies after the last week’s violent clash on the border.

On the Sensex chart, Bajaj Auto was the top gainer in the Sensex pack, surging around 7 per cent, followed by Bajaj

Finance, Bajaj Finserv, Kotak Bank, Powergrid and Axis Bank.

On the other hand, HDFC, ONGC, TCS and Reliance Industries were among the laggards. Sectorally, BSE power, metal, healthcare, bankex, telecom and utilities indices jumped up to 3.02 per cent.

Broader midcap and smallcap indices rallied up to 2.02 per cent. International oil benchmark Brent crude futures fell 0.28 per cent to $42.07 per barrel. On the currency front, the rupee appreciated 17 paise to close at 76.03 against the US dollar.